What a rising bill share means
A bill-financing tilt means the Treasury is substituting short-term borrowing for long-term. The signature of a debt-ceiling approach. The tilt reverses when the ceiling is suspended.
Benchmark · weekly · $bn
Treasury gross issuance mix
Is the Treasury raising more through bills or coupons each quarter?
Treasury gross issuance mix tracks accepted bill and coupon auctions summed over a trailing 91-calendar-day window (one quarterly funding cycle). A rise in the bill line means short-term funding is a larger share of that window's gross issuance. The pattern around debt-ceiling deadlines. The net (bills minus coupons) is the bill-financing tilt.
Treasury gross issuance mix tracks accepted bill and coupon auctions summed over a trailing 91-calendar-day window (one quarterly funding cycle). A rise in the bill line means short-term funding is a larger share of that window's gross issuance. The pattern around debt-ceiling deadlines. The net (bills minus coupons) is the bill-financing tilt.
- Bill issuance (13-week sum)
- 7528.39$bn
- Coupon issuance (13-week sum)
- 1242.32$bn
- Bills minus coupons
- 6286.07$bn
- 13-week balance change
- +805.73 $bn
- from 5480.33
- Balance percentile
- 100th
- of 5999 readings · since 1979-10-31
Treasury gross issuance mix
Bill issuance (13-week sum)
Coupon issuance (13-week sum)
| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Bill issuance (13-week sum) | 0.00 | 7528.39 | 0.00 | 7528.39 |
| Coupon issuance (13-week sum) | 2.40 | 1242.32 | 2.40 | 1491.75 |
How this is calculated
billIssuance = sum of accepted bill amounts over trailing 91 days; couponIssuance = same for notes/bondsRolling 91-calendar-day (13-week) sum of accepted bill and coupon issuance, in $bn, from the Treasury auction results dataset. CMBs excluded. Window is calendar time, not the last 13 auction dates.
As of 17 September 2026, the latest readings are Bill issuance (13-week sum) at 7528.39 $bn and Coupon issuance (13-week sum) at 1242.32 $bn. The Bill issuance (13-week sum) line is up 19.4% over the past year and above its long-run median of 956.05 $bn.
Source series
U.S. TreasuryHow to read it
Why the 91-day window
The Treasury funds on a quarterly cycle. A 91-calendar-day sum captures roughly one full quarterly funding cycle. it is not the last 13 auction dates (which span only a few weeks of dense bill auctions).
Limitations
The totals are accepted amounts, not tendered. Reopenings count as separate auctions. Treat the chart as context for Treasury funding strategy, not investment advice.
How this benchmark is used
The pre-ceiling bill tilt
The bill-to-coupon ratio spikes before every debt-ceiling deadline. The ratio normalization post-suspension is the coupon-refunding wave.
Frequently asked questions
4 answersWhat is the current treasury gross issuance mix?
As of 17 September 2026, the latest readings are Bill issuance (13-week sum) at 7528.39 $bn and Coupon issuance (13-week sum) at 1242.32 $bn. The Bill issuance (13-week sum) line is up 19.4% over the past year and above its long-run median of 956.05 $bn.
How often is this benchmark updated?
This benchmark is built on weekly data. The page is refreshed when the source publishes new observations; the freshness block below the chart shows the exact data-through date and when PIER20 last fetched the file.
What data sources does this chart use?
The chart is built from Bill issuance (13-week sum) and Coupon issuance (13-week sum), sourced from the U.S. Department of the Treasury, Fiscal Data.
Why exclude CMBs?
Cash Management Bills are irregular, ad-hoc instruments that do not follow the standard auction calendar.